We Finance 2004 Volkswagen Passat Gls 1.8t Auto Cleancarfax Htdsts Wrrnty Mroof on 2040-cars

Auto blog

Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

Recharge Wrap-up: Toyota Prius airbag recall, Peugeot launches eU01s e-bike

Toyota is recalling 7,600 Prius vehicles for an airbag issue. Certain examples of the 2016 Prius could have malfunctioning inflators that could cause the passenger side airbags to deploy accidentally. There are no known injuries from the faulty airbags, but Toyota says, "This has been observed when the vehicle is parked and unoccupied for a period of time." Toyota also says this issue is unrelated to the massive recall of airbags supplied by Takata. The automaker will contact affected owners to arrange free repairs. Read more at Automotive News. Peugeot is adding another e-bike to its portfolio with the eU01s. What sets this electrically assisted bicycle apart from both regular bikes and other pedelecs is its ability to propel the bike to 28 mph under electric power. It comes with either a 400- or 500-Wh lithium-ion battery, providing 47 or 59 miles of range, respectively. It also offers an optional on-board computer with its 4.3-inch screen, through which riders can customize the electric assistance, get directions, receive sports coaching, and connect their smartphone. Earlier this year, Peugeot also launched its e-Kick scooter and folding eF01 e-bike. Read more at Green Car Congress. BYD is expanding its manufacturing facility in the US. In the second of three phases for the plant, BYD is adding onto its factory in Lancaster, California, where it currently builds electric buses. The Chinese company plans to triple the number of employees, up from the current 400, as it expands the facility by 40,000 square feet. BYD plans to build medium- and heavy-duty trucks at the plant, but declined to comment on whether it has plans to build light-duty vehicles there. Read more at Automotive News. The German states of Hesse and Baden-Wuerttemberg are suing Volkswagen over the Dieselgate scandal. The states are joining other investors seeking damages over losses incurred because of the automaker's emissions cheat device. Hesse Finance Minister Thomas Schaefer said the scandal cost the state about $4.4 million in stock losses, while Baden-Wuerttemberg likely lost closer to $450,000. Bavaria said earlier that it would sue Volkswagen on behalf of its pension fund for civil servants, which lost around $780,000. Read more from Automotive News Europe.

Jay Leno brings a rotary-powered VW Beetle to the garage

It takes something really unique or inventive to pique Jay Leno's interest. His show, Jay Leno's Garage, has featured everything from concours-worthy classics to completely custom, home-built machinery. How do you get Leno to feature one of more than 20 million Beetles on his program? Stick a turbocharged rotary engine under the hood. The Beetle's owner, Mario Markakis, swapped the car's stock flat four-cylinder for the Wankel engine from a 1990 Mazda RX-7 Series 5 Turbo. The engine's 250 horsepower are fed through a reinforced version of the Beetle's stock four-speed transmission. That's about five times the original engine's output. It works well, with the car putting down some impressive times at the drag strip. Markakis did most of the work to the Beetle in his garage. In addition to the engine swap, he's modified the car's brakes, suspension, and interior. Check out the video to hear all the details of this custom Wankel-powered Volkswagen. Related Video: Celebrities TV/Movies Mazda Volkswagen Classics Videos Jay Lenos Garage rotary mazda rx-7